BEIJING : China's exports shrank sharply in December as global demand cooled, missing their typical year-end bounce, while imports tumbled again as surging COVID-19 infections and a property downturn weighed heavily on domestic demand. Exports had been one of the few bright spots in the world's second-lar
BEIJING : China's exports shrank sharply in December as global demand cooled, missing their typical year-end bounce, while imports tumbled again as surging COVID-19 infections and a property downturn weighed heavily on domestic demand.
Exports contracted 9.9 per cent year-on-year in December, extending a 8.7 per cent loss in November, slightly beating expectations for a 10 per cent fall, customs data showed on Friday. The drop was the worst since February 2020. China's commerce ministry said on Thursday that slowing external demand and the rising risks of a global recession are posing the biggest pressures to the country's trade stabilisation, leaving"arduous tasks."
After three years, Chinese authorities have finally removed anti-virus curbs that disrupted port logistics and shut down factories in key manufacturing hubs. Measures to ease a severe funding crunch in the property sector, in particular, could boost imports of industrial materials from iron ore to copper.Analysts polled by Reuters expect China's economic growth to rebound to 4.9 per cent in 2023, before steadying in 2024, a Reuters poll showed.
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